Try Day Trading Review
I don’t normally write about forex services. Sometimes, things catch my eye and Trade Day Trading is one of them.
This is such an interesting service! It’s a funded trader program that comes with a 3 month long training program that is designed to make sure you have the skills to trade live with the capital.
I’m always wary of stuff like this – so let’s dive deeper.
It doesn’t help that they also focus on Forex. Maybe I’m just snobby but Forex stuff always makes me thing ‘scam’.However, I do know that people like Kiana Danial started their successful careers in Forex trading.
In my trydaytrading review, I will try to give you enough information to figure out if the program is right for you or not.
Why is this so important?
Well, this is by far the most expensive service I’ve ever seen (and I’ve been doing reviews like these for years). The price is in the range from $400 to almost $23k!
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What is Try Day Trading?
Try Day Trading was founded in 2008. It is an investment advisory service that offers coaching (one-on-one) and forex education. The most interesting thing to me about it is that they allow their traders to use capital in funded account programs.
Trader Pro Funded Programs
If you are willing to complete a training program that takes 12 weeks, you can get access to a funded trading account. If you trade successfully you get to profit share with them. It looks like you get to keep 60% of the profits.
Trader Executive Program
This was launched about 5 years ago. It is a training program for 2 days where the coaching is done one-on-one. The company is based out of Lehi, Utah. If students complete this and do the 12 week currency training program they can get access to $100,000 of capital to trade with. They get to keep 80% of any profits they make with this capital!
Forex Funded Trading Account
This program starts with their free forex day trading course. Then you have to do the one-on-one coaching program in forex. If you successfully graduate from this then you will be able to trade with their capital in the Forex markets.
The free forex day trading course is very basic. It is really aimed at traders new to currency markets. It focuses on teaching the trader about the most liquid currencies like the USD/EUR because these are the best for day trading.
The one-on-one coaching program takes you to a whole new level. Three months of personal training with their top full-time day traders. They help you come up with the right trading plan for YOU. Fully customized. The credibility of the coaches ‘seems’ quite high and they claim to be highly profitable – but this is something that is hard to verify.
They help you learn how to only risk 1% of your capita on any one trade. This helps control your emotions and helps to avoid large draw downs in your account. This benefits them when you start trading their capital!
I love the idea of a forex funded account where they provide the capital. It feels like they would be more invested in you, since they know their future profitability and money lay in your hands.
They have some ‘secret’ indicator software they also train you on. This might be pretty cool if it’s good. I like the idea of leveraging their software developments to make money in forex.
The problem that I see is that you have to pay many thousands of dollars to complete the training. This is fine but it could take a while to recoup these costs – especially if you struggle to become profitable with the funded account. It isn’t guaranteed that you will make massive profits after all.
Try Day Trading Review: Subscriptions Cost
To join the Pro Funding Student course it’s almost $7,000. This is for the 3 month of personal coaching. What is a bit odd is you have to pay extra on top of this in fees to use their software to trade real money.
The coaching is pretty intense with strict requirements – for example you have to do at least 2 training sessions every week throughout the 3 month course.
To graduate to be able to trade the funded account, your mentor has to approve you.
The Trader Executive Student subscription is way more expensive at almost $16k. You get everything above but instead waiting – you get access to the indicator software as soon as you start. Is this really worth more than double the price though?
I’m not a fan of the pricing model or how expensive this is. It feels like they are trying to hide fees! They do seem to offer a 30 day trial though for $10.
The costs really start to rack up after you do the free stuff.
The truth is that in my opinion Try Day Trading is overpriced compared to competitors. I would be a little wary of this company and the programs. They don’t give much info about their coaches experience or expertise on the website. Nor do they give any track records.
Try Day Trading Review: Conclusions
I think that if you are passionate about trading currencies you might want to look into something like this program. However, I don’t have any reason to trust them based on their website.
They don’t provide enough evidence or have enough credibility for me to fork over $20k in fees. These upfront costs are very high in the industry. I’m not impressed with what appears to be them hiding their costs either.
You would hope that something so expensive would be more transparent and convincing. They don’t tell you who the coaches are so, you can’t look them up or anything. Something about this whole scheme feels off to me.
There are hidden fees and I don’t trust the contracts or policies. For example, there are penalties for various things that you might not realize when signing up.
Overall, not something I am excited about.
You can check out their website here.
Russell
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